Octopus Energy’s generation arm, managing £6 billion in green energy projects, has announced the launch of its first offshore wind fund.
The new fund, established with a £190 million cornerstone investment from Tokyo Gas, aims to invest £3 billion globally in offshore wind projects by 2030, primarily focusing on Europe to reduce reliance on fossil fuels and enhance energy security.
The Octopus Energy Offshore Wind fund will target offshore wind farms’ development, construction and operational stages, including both traditional and floating offshore wind turbines. The initiative represents a significant step in Octopus Energy’s commitment to invest £15 billion in the sector, aiming to provide green energy to millions of homes worldwide by 2030.
Octopus Energy first entered the offshore wind market last year with investments in the UK’s Hornsea One and Lincs wind farms and has since expanded rapidly. Its portfolio includes significant projects like Borssele III & IV in the Netherlands and new developments in countries such as South Korea, Norway, Sweden, Ireland and Spain.
With 64 GW of installed capacity globally, offshore wind is a crucial renewable energy source, expected to grow to 447 GW over the next decade. This growth is part of a broader trend, as offshore wind is projected to become a trillion-dollar industry by 2030.
Julia Longbottom CMG, British Ambassador to Japan, said, “I am delighted to welcome this significant cornerstone investment from Tokyo Gas into the Octopus Energy Offshore Wind Fund, which will boost offshore wind development in the UK and globally. This is a clear sign of the growing partnership between the UK and Japan on offshore wind, which was further strengthened by the Hiroshima Accord.”
© 2023 funds europe
